Archives for February 5, 2018

Key Highlights

Ripple price failed to move higher and it recently traded below $0.6000 against the US dollar.

There is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair (data source from SimpleFx).

The pair is likely to extend the current decline towards the next support at $0.5000.

Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD could continue to move down and it may retest the $0.5000 support area in the near term.

Ripple Price Decline

There was no substantial recovery in Ripple price yesterday as it failed to move above the $0.7500 resistance area against the US Dollar. The price traded lower and it recently broke the $0.7000 support level. More importantly, there was a break below the 76.4% Fib retracement level of the last wave from the $0.6040 low to $0.9680 high. It opened the doors for more losses and the price moved below the $0.6000 swing low.

It seems like the price is under a lot of pressure and it could extend declines below $0.5500. The next major support is around the 1.236 Fib extension of the last wave from the $0.6040 low to $0.9680 high at $0.5181. However, there are high chances of XRP retesting the $0.5000 support area in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair. If the pair corrects higher, it could face sellers near $0.6200 and $0.6500.

Above $0.6500, there could be a recovery towards $0.8000. The overall bias is bearish in the short term and the price is likely to test $0.5000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving near the oversold levels.

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Besides LTC, Lumens and NEM, EOS and NEO are at key support levels. While we expect this bear surge to continue, price action will now rely on fundamentals if support is needed.

Already we have confirmation from Charlie Lee that LitePay and LitePal are on the way while South Korea and China are discussing on ways of introducing fair legislation to prevent over-speculation.

Let’s dissect these charts:

Lumens Sellers At $0.30 Triple Bottom

XLMUSD 4HR Chart for February 6, 2018

The bad days continue and while there are chances of XLM even trending lower, we can at least be encourage of fundamentals streaming it.

Yes of course this token has got more potential in cross border payment and if it adopted by household as the founders say then prices might find support.

At the moment, $0.31 triple bottoms looks to be promising but if in case sellers push harder, then it’s another level down as prices move closer to $0.20 or the 78.6% retracement in the daily chart.

In fact, that’s the ball park depreciation rate we are seeing in most alt coins and we cannot brush that off.

$0.36 is Main Support

XEMUSD 4HR Chart for February 6, 2018

Technically, despite pockets of buy pressure towards the end of last week, NEM is still in a downtrend. After the heist and the subsequent compensation, NEM isn’t finding any support.

Fact is, in the weekly chart, the middle BB-the ultimate support line was broken after last week’s bearish engulfing candlestick and there is more.

A single glance at price action and bears seem to be aiming at $0.35 which happens to be August highs and a main break out level to complete a potential second phase of a huge bullish break out pattern-the retest.

These are potentials and it can be a quick reality now that most exchanges don’t allow deposit or withdrawals in XEM following that CoinCheck heist.

EOS Prices Testing $7.5

Every higher high is a new selling opportunity for EOS bears but better still, the faster prices trickle lower, the better it is for hoarders looking to ramp up their long positions.

From the charts, we can see that prices are now testing $7.5 or the 61.8% Fibonacci retracement level and well below the 1st Fibonacci extension level in the weekly chart.

Chances are sellers might continue to step up and even test July 2017 highs of around $5.4 or the middle BB in the coming sessions and that is where we might starting picking out buy signals.

Before then, there seems to be more opportunities with sells than longs and therefore the best way to trade is to go with the trend.

$100 is definitive for LTC

LTCUSD 4HR Chart for February 6, 2018

LTC prices did appreciate and from a technical point of view, sellers are relentless and driving prices lower.

While we can remain confident that prices might find support at the psychological round number at $100, we shall have to wait and see if the recent announcement by Charlie Lee will shore prices.

According to him, two new payment systems-LitePay and LitePal are due to be launched this month.

Will adoption of LTC by merchants help spur and perhaps reverse this strong bear momentum? Let’s wait and see but in the meantime, any confirmation of last week’s bear pressure and strong close below $100 will effectively usher in a new wave of sell pressure.

NEO Prices Continue To Trickle Lower

NEOUSD 4HR Chart for February 6, 2018

Relative to other alt coins, NEO was a tad bit over-valued but as it is, prices are somehow at par with others.

NEO prices moved higher on Saturday. However, prices found resistance at the previous support –now resistance trend line as seller drove prices below consolidation.

In my opinion, I think prices might move lower now following yesterday’s close below $85. Ultimate support stands at $50.

Anyhow, fundamentals are not that bad. Should we get clear policy from China and South Korea, I really think NEO will lift off.

Key Highlights

ETH price is under immense bearish pressure as it declined below the $650 support against the US Dollar.

There are two crucial bearish trend lines forming with resistance at $670 and $760 on the hourly chart of ETH/USD (data feed via SimpleFX).

The pair is currently moving down and it is likely to break the $600 and $580 support levels in the near term.

Ethereum price getting crushed against the US Dollar and Bitcoin. ETH/USD is now below $650 and it eyes further declines below the $600 level.

Ethereum Price Monstrous Decline

There were continuous declines in ETH price from the $900 swing high against the US Dollar. The price traded below the $800 and $700 support levels to set the pace for more declines. It recently broke the $650 support and traded as low as $619. It started a minor downside correction and moved above the 23.6% Fib retracement level of the last decline from the $847 high to $619 low.

However, the upside move could not last long and the price failed near $700-720. There was a failure to break the 50% Fib retracement level of the last decline from the $847 high to $619 low. On the upside, there are two crucial bearish trend lines forming with resistance at $670 and $760 on the hourly chart of ETH/USD. The pair struggled near the first trend line and $700. It is once again sliding and it is about to break the $619 low. It seems like the pair may soon test the $600 level.

There are even chances of a break below $600 for a test of the $580 support. On the upside, the pair has to break the $720 and $750 resistance levels to initiate a convincing recovery.

Hourly MACD – The MACD is placed heavily in the bearish zone.

Hourly RSI – The RSI is showing no signs of a recovery and is currently at 30.

Crypto traders do not seem to be missing out on anything today as the mass selloff continues unabated. The markets are still dominated by fear during this morning’s Asian trading session. The wall of red altcoins is looking as imposing as ever as Bitcoin leads the downward charge by shedding over 23% in the past 24 hours. Some of the major altcoins in the top 25 have hemorrhaged over a third of their value in a matter of days.

Finding one in the green is virtually impossible so we have to go way down the list into the realms of obscurity. However there is an altcoin currently outperforming the rest. E-coin is up 250% on the day and it is currently in the middle of what looks like a pump and dump. This time yesterday the ECN token was trading at $7.40, today it is $26.13.

There seems to be no rational reason for this as the Twitter feed for the token has not been updated since September last year and the website offers no information aside from a small notice stating “Thank you for participating in our Perks Program. We’re continuing to work on new ways to make Ecoin better for you. Stay tuned.” So we cannot find any information supporting this spike in price and put it down to bot action or a P&D.

Another altcoin doing well today is XPlay which is up 46%. Trading yesterday at $0.10 the altcoin doubled in price before falling back to $0.15 where it currently trades. XPA is a token based on the sharing of adult content however it appears that the original website now redirects to one for a different blockchain project. Again no news or reason for this pump so we can write it off for the time being.

All other digital currencies are plummeting at the current time, dragged down by big daddy Bitcoin once again. Only when physical blockchain projects are up and running on their own ecosystems and tokens can be traded independently from Bitcoin will we see some free and liberated movement in the altcoin charts.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

Key Points

Bitcoin cash price is struggling a lot and it moved below the $900 and $850 levels against the US Dollar.

There are two bearish trend lines forming with resistance at $920 and $1,080 on the hourly chart of BCH/USD (data feed from SimpleFX).

The pair is about to break the recent low of $819 for a move towards or below $800.

Bitcoin cash price is under a lot of pressure below $850 against the US Dollar. BCH/USD is likely to extend declines below the $800 level in the near term.

Bitcoin Cash Price Decline

It seems like there is no stopping sellers since bitcoin cash price tumbled below the $900 and $850 levels against the US Dollar. The price recently formed a low at $819 and started an upside correction. It traded above the 23.6% Fib retracement level of the decline from the $1,161 high to $819 low. However, the correction wave could not last long above the $900 level.

BCH failed to move above the $950 level and the 38.2% Fib retracement level of the decline from the $1,161 high to $819 low. On the upside, there are two bearish trend lines forming with resistance at $920 and $1,080 on the hourly chart of BCH/USD. The pair is moving lower once again is currently trading below $850. It seems like the pair may continue to move down and it could test $800. There are even chances of a downside break below the $800 level in the near term.

On the upside, the $900 level is a major resistance area. A proper close above $900 is needed for BCH to initiate a fresh recovery in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining heavy momentum in the bearish zone.

Venezuela will roll out the heavily criticized state-backed cryptocurrency, the Petro, in a private sale to serious speculation about its structure.

Is The Petro a Ploy?

The sales of the Petro represent a major initiative by President Nicolas Maduro to save Venezuela’s disastrous economy as the Bolivar continues to plunge in value amid quadruple-digit inflation which has caused shortages of everything from food to essential drugs in the country.

While a previous announcement said that the initial round of sales would be a transparent process the revised white paper lays out private sales of 40 percent of the Petro tokens which will begin next month for institutional investors as reported by Bloomberg.

Critics of the Petro point out two very serious problems with the currency. Firstly very few Venezuelans have enough money to cover the basics of life right now and have nothing left over to invest in the scheme.

The second being that the Petro is valued against a commodity the government cannot control. Venezuela’s government has not provided any description of whether or how investors could collect the oil backing Petro holdings.

In fact many are speculating the Petro is a ploy by the cash-strapped government to bypass economic sanctions by getting around the central banking system and a way for corrupt officials to use oil money to cash in on the cryptocurrency market.

“This is the moment to accelerate the entry of the Petro, to have faith in what we’ve created, and in the technological and intellectual capacity of our country,”

Maduro said on state television Tuesday.

Petro Linked To Oil Price

The country’s opposition party said it is illegal to use oil reserves – of which Venezuela has the largest in the world – and has declared the Petro an illegal debt issuance by a government desperate for cash, stating it will not recognize it.

“The center of financial policy will be the consolidation of the petro… cryptocurrency is the future of humanity. Venezuela has entered the future.” Said Maduro

The Petro is to be a remedy against spiraling inflation that the international monetary fund predicts to hit 13,000 percent while the economy is set to contract 15 percent by the end of the year.

This offers scant hope for Venezuelan citizens who have been left with little buying power as banks limit daily withdrawals of cash to the equivalent of just a few cents a day and ATM’s remain empty.